Both the SPY & QQQ have broken above the top of the previously highlighted 15-minute bearish rising wedge patterns with IWM current trading at the top of its 15-minute wedge pattern. All three of these index tracking ETFs remain on short-term buy signals (15-minute MACD & 28/68 ema pair) for now and although these upside [...]
TWM (2x short Russell 2000 Index) & TZA (3x short small caps) will be added as Active Short Trades here at the bottom of this descending triangle pattern on TWM. TWM is my preferred vehicle for the second price target, T2 at 38.42 while the extra leverage on TZA would be most appropriate for those [...]
I got off to a late start today and once I booted up and noticed the markets were about to gap up I started to put together the charts and my thoughts on the previous post as I wanted to share my thoughts in advance of the two reports issues at 10:00 was only barely [...]
This chart is the same 120 minute IWM chart that I've been posting with the descending broadening top pattern only zoomed into a 60 minute time frame for clarity. I measured the retracements on the counter-trend mini-rallies following the two impulsive sell offs that ensued immediately following prices kissing the top of the pattern. It [...]
Not much to update other than the fact that all the major US indices did sell off today, which was (is) pretty much the 11th hour as I had stated one week ago today: By my interpretation, the recent technical breakdowns and/or sell signals in these key stocks and indices are still intact or close [...]
This chart was made just before the open today and shows that IWM continues to remain in both a downtrend as well as below the short entry back on March 22nd, despite the $NDX & $SPX having gained 2.5.- 3.5% since then. Although my expectation of a quick move to my downside target on the [...]